The Terms and Conditions are legally binding agreements between you (“User”) and the Company. If the User will register with Payucoin (“we”) and create an account ("Account") to use the live trade engine for trading in Bitcoin ("Trade Engine"), then he or she is hereby agreeing to be bound by these terms and conditions.
The User is above 18 years of age and has the legal and mental capacity to enter into legally binding contracts with third parties. Payucoin offers a platform for trading in Bitcoin. Everyone should be aware about the fact that Bitcoin are volatile commodity whose price is subject to sharp changes that may cause large profits or losses to the user. We are having no way got or lured the User into opening an Account with Payucoin to trade in Bitcoin. This is to be noticed the User is having complete authority on his account and he is the legitimate owner allowed to use all Bitcoin deposited on Account and that the transactions being carried out on his/her do not infringe the rights of any third party or any applicable laws. The users have to provide required all identity and personal information as well as documents that should be true and accurate in all respects. The User shall use the Account with Payucoin only for non-commercial activities. The user is aware that the Payucoin may change these Terms and Conditions at any time and the User hereby gives consent in advance to such change.
We are not liable for any damages caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in transmission or operations, computer virus, communications line failure, and unauthorized access to the personal accounts. We are not responsible for any technical failure or malfunction of the software or delays of any kind. We are also not responsible for non-receipt of registration details or e-mails. A user is whole and soul responsible for his/her password and shall bear all responsibility of keeping the password secure. Payucoin is not responsible for the loss or misuse of the password.
Payucoin is not responsible for the content of any of the linked sites. By providing access to other web-sites, We are neither recommending nor endorsing the content available in the linked websites.
We are completely aware that though there is no legal bar or impediment to trading in Bitcoin in India at the moment, the Reserve Bank of India (RBI) has issued a press release no. 2013-2014/1261 dated 24th December 2013 whereby it has stated that "The creation, trading or usage of VCs including Bitcoin, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users". Moreover, the press release further says that the RBI is still "examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country". The full text of the said press release and source can be found at http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247.
You are hereby made aware of the nebulous legal situation regarding Bitcoin and Payucoin shall not be liable for any proceedings against the User in any Court of law or before any governmental, administrative, regulatory, judicial or quasi judicial authority.
The User should be aware about the fact that in online trading activities there is a risk involved, including the risk involved due to unauthorized access or any technical difficulties. Moreover, in a technical environment, should an error occur with respect to the tracking of any account holding or order entry, the true, actual and correct transaction or position may not be restored. It is the User's responsibility to ensure account correctness and accuracy and to contact us immediately in respect of any discrepancies.
This is to be noticed that you (“Users”) are using the content and data on the website for the purpose of information only and rely on their own judgment while making investment decisions. Whoever the information gives by Bas web technology gives on the website, shall not be considered as advice of any kind and the User shall use its own judgment to make all decisions.
Payucoin does not make any personal recommendations. The information on our website is furnished solely to enable Users to make their own investment decisions and does not constitute a recommendation to buy, sell or otherwise deal in Bitcoin.
This is to be remembered that the price you are invested in Bitcoin and their value can go up or down and you may not get back the capital invested. Changes in the rate of exchange may have an adverse effect on the value, price and value of your investment. The previous performance is not necessarily an indicator of future performance. In terms of Tax Payucoin do not provide any tax advice regarding Bitcoin and the increase or decrease in their value. Any services and any kind of investments in Bitcoin may have tax consequences. In order to understand any applicable tax consequences you should consult your own Tax Advisor. The level of taxation depends on individual circumstances and such levels and bases of taxation can change.
In Bitcoin trading there has some specific risks, are not shared with other official currencies, goods or commodities in a market. Bitcoin is a "flat" currency that is only backed by mathematics, technology and trust, it is not like most of the currencies, which are supported by government reserves or other legal entities, as well as commodities such as silver and gold. Bitcoin is absolutely decentralized, which means there is no authority that can take corrective measure to protect the Bitcoin value in a crisis or issue more currency. Payucoin shall not be liable for any loss caused to the User due to any of the risks related to trading in Bitcoin, whether currently known or unknown.
Bitcoin purchased using a bank account or credit card or any other deposit method may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated. A Bitcoin transaction may be unconfirmed for a period of time (usually less than one hour, but up to one business day) and never complete if it is in a pending state.
This should be keep in mind that the content of the website cannot be copied, republished, reproduced, uploaded, posted, transmitted or distributed for any non-personal use without obtaining prior permission from Payucoin. We reserve the right to terminate the accounts of Users who violate the proprietary rights, in addition to necessary legal action.
Price and availability of products and services offered on the site are subject to change without prior notice. We may provide information about the availability of products or services to a certain extent but the Users should not rely on such information. We will not be liable for any lack of availability of products and services the User may order through the site.
The User is agrees that the information is providing voluntarily without any inducement or pressure and is true to the best of his/her knowledge and belief. In case of any particulars provided by the User being incorrect or fraudulent, Payucoin shall be at liberty to terminate the User's account. We further reserves the right, at its sole discretion, to deny the User access to the Trade Engine or any portion thereof without notice for the following reasons:
1. Any unauthorized or illegal access or use by the User.
2. Any assignment or transfer (or attempt to do the same) of any rights granted to the User under these Terms and Conditions.
3. Any violation of these Terms and Conditions.
Using Google ID
Users may be given the option of signing in using their Google IDs. Logging on to Payucoin with the Gmail account gives the User the convenience of not having to remember yet another password - without compromising on privacy, or the safety of the individual email account. We do not store the User's Google password information. The password of every User who chooses to log in using the Google ID is sent to Google for verification, and is not saved on our systems.
Each individual is allowed to register only once. We are not allowed any person to create multiple Accounts. If any User is found to be using or registered with multiple Accounts, such User's access to the Trade Engine may be terminated. The use of scripts or any automated system to register is strictly prohibited. Payucoin assumes no responsibility for lost, late, incomplete, incorrect, or misdirected registrations. We are not responsible for technical, hardware or software malfunctions, misdirected entries, lost or unavailable network connections, or other communications or other technical problems related to the registration.
Payucoin shall accept deposits from an account held by the User in any scheduled Indian bank. The process of linking shall be as follows:
Click on the "Bank" link on the web page after logging into your Account. Fill in the bank details requested on the web page including bank account number, IFSC Code, etc. and submit the same. Your Payucoin Account will, after verification, automatically get linked to your Bank Account.
We expressly disclaims all responsibility for any loss caused to the User due to the linking the User's Payucoin Account with the User's bank account or while executing any trades using Payucoin, for whatever reason, unless the same has been caused due to the gross negligence of Payucoin.
Directing the proceeds of a sale to a third party is expressly prohibited and will result in immediate suspension of the Account. A third party is any party other than the User and Payucoin. This is to be remember that the User is strictly prohibited from opening an account under a third party or fictitious name for the purpose of using this service to pay a third party. Users are expressly prohibited from registering a payment method for a third party in their Payucoin Account for the purpose of using this service to pay a third party. Moreover, third party transactions are expressly prohibited and will result in immediate suspension and termination of the Account.
In this Platform the user will see that Trade Engine which is a live Bitcoin trading platform whereby the Users can use real money to buy and sell actual Bitcoin from their Accounts with Payucoin.
Once the User creates an Account by registering with Payucoin, the User will be allowed to enter the exchange area. Each Account will be linked with the User's bank account as per the details provided by the User who can use the money in such linked bank account and start trading with other users. Once the User enters the trading area the User will see the following displays:
The Payucoin Price Comparison Chart displays the various "ask prices" and "bid prices" data over various periods which can be selected by the User. The data can be modified by the User upon changing the data range, i.e. Users will be able to select options such as last 10, 15, 50, etc. bids or the time frame eg: one year, one month, one week, etc and be able to view the trades that have taken place on the exchange for such chosen time period. This is merely a pictorial representation for the benefit of the Users.
The Users will also be able to view the current balance in their account at all times. A Users account balance shall display the Bitcoin balance currently in the User's account.
"My Trade Book" displays all of the User's pending trade requests that are yet to be completed. In the event that a User's trade has not been completed, the User can choose to cancel the order by clicking on the 'X' icon corresponding to such trade request that is pending. Please note that a trade request can only be cancelled when it's still pending and reflecting under 'My Trade Book'. Once a transaction has been executed/ completed, it may no longer be cancelled.
In the "All Completed Trades" Section the Users will be able to see all the trades including both Buy and Sell transactions pertaining to the User.
You can buy Bitcoin at current exchange rate with us by following few simple steps:
Step 1: In the event that User intends to purchase Bitcoin, the User is required to place a trade request with the exchange platform for the same. This can be done by specifying the amount of Bitcoin that the User intends to buy and thereafter clicking "Buy".
Step 2: Once the User inputs the amount and clicks on "Buy", the trade engine would automatically pick up the current "Buy Price" on the exchange and place the User's trade request at that price
Step 3: In the event that there is a pending "Sell Order" for the price at which the User's bid has been placed, the order would be executed immediately and the User's balance would reflect the updated statistics. This can be achieved by matching the User's order with a single order of such quantity and price, if available or if a single order with the required price and amount is not pending, the trade engine will complete the User's order by matching it with multiple orders and then complete the User's order in multiple tranches.
Step 4: If a User's trade request does not match with any of the existing requests on the trading platform, then such request shall automatically move into the waiting list of pending transactions for it to be matched with an appropriate "Sell Order" as and when such a request is received. In this case, the User's balance would remain intact until the transaction is completed. While the transaction is pending, the User may cancel the transaction through the "My Tradebook" tab as explained above.
Step 1: here, the User can choose to input the specific value at which the User intends to buy Bitcoin. This value can be entered when placing the Buy Order by manually changing the amount at which the User intends to buy the Bitcoin in the field provided and clicking the "Buy" button to place the trade request.
Steps 2 to 4 shall remain the same as with a normal Buy Order without the specific price, as explained above.
Buying Bitcoin from pending orders The User also has the option to buy Bitcoin from the orders pending on the exchange platform. In order to buy Bitcoin in this manner the User is required to scroll to the "Last Sell Orders" tab. The User will be able to browse all the unfulfilled Sell Orders that are pending on the exchange platform. The User can then choose the Sell Order that the User intends to fulfil and click on the "+" symbol on the corresponding line and click Buy to complete the transaction. The "Sell Orders" are listed from top to bottom based on the price which has been quoted in each "Sell Order" with the "Sell Order" quoting the least price being at the top. The "Last Sell Orders" tab displays the cumulative quantity of Bitcoin available for sale and if a Buyer buys Bitcoin from the "Last Sell Orders" tab, the exchange will automatically execute the sale for the Bitcoin available for sale at the lowest price first, followed by the next highest price and so forth.
The User also has the option to sell Bitcoin from the orders pending on the exchange platform. In order to sell Bitcoin in this manner the User is required to scroll to the "Last Buy Orders" tab. The Users will be able to browse all the unfulfilled Buy Orders that are pending on the exchange platform. The User can then choose the Buy Order that the User likes and intends to fulfil and click on the "+" symbol on the corresponding line and click "Sell" to complete the transaction. The "Buy Orders" are listed from top to bottom based on the price which has been quoted in each "Buy Order" with the "Buy Order" quoting the maximum price being at the top. The "Last Buy Orders" tab displays the cumulative quantity of Bitcoin available for sale and if a Seller sells Bitcoin at the "Last Buy Orders" tab, the exchange will automatically execute the sale for the Bitcoin available for sale at the maximum price first, followed by the next lower price and so forth.
The participation by the User in the exchange platform does not in any way constitute any gambling, betting, wager, speculation, lottery, raffle, sweepstakes, etc. in any form whatsoever. There has been no collection of any money, cash or other valuable thing from the User by Payucoin for any such purpose. We only charges a fee from its Users for the services of providing the Trade Engine. The Fee Schedule is subject to change from time to time at the sole discretion of Payucoin.
8.1 By registering and creating an account the Users assume sole liability for and agree to indemnify and hold Payucoin, its affiliates, officers, directors, employees and agents, harmless from and against any and all claims, damages, obligations, losses, injuries, costs or debt, and expenses (including but not limited to attorney's fees) claimed to be caused from usage of the Trade Engine or the acceptance, possession and handling, loss, use or misuse of any money or Bitcoin in their Account. If any fraud, technical failures, computer virus, bug, tampering, or any other factor impairs the integrity or proper functioning of the promotion, as determined by Payucoin in its sole discretion Payucoin reserves the right to cancel, suspend the exchange platform, or any part of it. By participating registering and creating an account, the Users agree to be bound by these Terms and Conditions and the decisions of Payucoin and to be contacted by Payucoin or its agents by telephone, sms, mail and/or email regarding the Trade Engine or any other products that Payucoin may offer now or in future.
8.2 The User specifically agrees that Payucoin shall not be liable for any loss, actual or perceived, caused directly or indirectly by government restriction, exchange or market regulation, suspension of trading, war, strike, equipment failure, communication line failure, system failure, security failure on the Internet, unauthorised access, theft, or any problem, technological or otherwise, or other condition beyond the control of Payucoin. The User further agrees that it will not be compensated by Payucoin for "lost opportunity" viz., notional profits on buy/sell orders which could not be executed.
The registrations are open only to persons who are Indian citizens currently residing within the territorial borders of India, are 18 years of age or older at the time of registration and are of sound mind and able to make legally enforceable decisions.
The User hereby expressly acknowledges and agrees that the User has initiated the act of registering on Payucoin entirely of his/her own free will and Payucoin has not caused, induced, urged, prompted, instigated, drawn, compelled, persuaded or engendered the User to open an Account and trade in Bitcoin in any manner or form.
The User acknowledges and agrees that Payucoin may from time to time need to make structural changes to the trading platform that could result in system downtime, i.e. the website and the trading platform being unavailable for access. Any such changes will (where possible or necessary) be broadcast in advance to all Users, and carried out at times which Payucoin considers will cause the least disruption.
Payucoin shall have no liability to the Users for any downtime to the trading platform for any reason whatsoever, nor for any downtime caused by general Internet failure, the failure of any Internet connection or the failure of any User equipment.
In case of any grievance or complaints with the website or its performance please contact Payucoin at email@example.com. Once a complaint has been received, all endeavors will be made to address the complaint as soon as possible.
Payucoin may prohibit any User, if Payucoin is of the opinion that the User is showing a disregard for these Terms and Conditions, or acts (1) in an unfair or fraudulent manner; (2) with an intent to annoy, abuse, threaten, or harass any other User or Payucoin; or (3) in any other disruptive manner.
The use of software, machines, computers, scripts or any automated system is strictly prohibited. If any User tries to influence the rate of exchange of Bitcoin or gain an unfair advantage in any manner whatsoever, such User shall be liable to be prohibited from conducting any further transactions on the Trade Engine and may be reported to the appropriate authorities. Any decision in this regard shall be taken at the sole discretion of Payucoin and shall be final.
Any attempt by a User or any other individual to deliberately damage the website or undermine the legitimate operation of Payucoin is a violation of criminal and civil laws and should such an attempt be made, Payucoin reserves the right to seek damages from any such User to the fullest extent permitted by law.
Completion of a transaction may be stopped by Payucoin at any time if Payucoin, in good faith, believes that such transaction may be fraudulent or may adversely impact the Bitcoin economy, or may adversely impact the exchange rate of Bitcoin, etc.
The Payucoin website is for the exclusive purpose of transactions to be carried out within the territorial jurisdiction of India and all such transactions shall be governed by the laws in India. Notice is hereby given that Non Resident Indians (NRI's) and Foreign Nationals accessing this web site and opting to transact thereon shall do so after due verification at their end of their eligibility to do so. Payucoin undertakes no responsibility for such pre-eligibility of qualification on part of Non-Resident Indians (NRI's) or Foreign Nationals to transact on this website.
The User agrees that, whenever a transaction is made, the Trade Engine sends and receives the monetary sums and/or Bitcoin from the User's Account in the User's name and on the User's behalf, through the system.
The User is responsible for maintaining the confidentiality of information on his/her Account, including, but not limited to the password, email, wallet address, wallet balance, and of all activity including transactions made through the Account. If there is suspicious activity related to the User's Account, Payucoin may request additional information from the User, including authenticating documents, and freeze the Account for the review time. The User is obligated to comply with these security requests, or accept termination of the Account.
The User shall be solely responsible for ensuring that any transfer of Bitcoin to a transferee shall be a valid and legal transaction not infringing any laws including money-laundering laws and regulations of India or any other applicable jurisdiction.
Payucoin reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more, and/or to modify or discontinue exchange platform or the Trade Engine. The User agrees that Payucoin will not be liable to them or to any third party for termination of their Account or access to the website. The suspension of an Account shall not affect the payment of the commissions due for past transactions. Upon termination, Users shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. Bitcoin may be transferred to a valid bank account only after conversion into a currency. It can be transferred through Bitcoin too at the sole discretion of Payucoin, if it feels such a transfer is more convenient.
(i) Orders are defined using (1) the type (buy/sell), (2) the volume of coins to be traded (in Satoshis), and (3) the rate at which to trade (in Paise per BTC) (NOT Satoshi). The smallest unit of INR ('fiat') is 1 Paise (Users cannot, for example, specify 0.5 paise). The smallest unit of BTC ('coin') is 1 Satoshi (Users cannot, for example, specify 0.5 Satoshi). However, note that the Trade Exchange shall not process order amounts smaller than 100000 Satoshi. For clarity on the Order Sizes and Conversion rates please see the table below:
1 BTC = 100000000 Satoshis.
1 INR = 100 Paise.
Max. Satoshis in one order: 100000000000000 (or max 1000000 BTC per order).
Min. Satoshis in one order: 100000 (or min 0.001 BTC per order)
(Satoshi amount in any order must be an integer multiple of above min amount).
All rounding off beyond the given amounts will be done in favour of Payucoin.
Rate Range The Trade Exchange will also execute orders within a specified rate range so as to avoid manipulation and undue volatility. The maximum and minimum rates allowed on the Trade Exchange are:
Max. rate per order (in Paise/BTC): 1000000000000 (or max 10000000000 INR per BTC). Min. rate per order (in Paise/BTC): 1000 (or min 10 INR per BTC).
Payucoin is not responsible for any incorrect or inaccurate registrations, whether caused by the User or by any of the equipment or programming associated with or utilized in the Trade Engine or by any technical or human error which may occur in the operation of the Trade Engine. The User expressly understands and agrees that under no circumstances shall Payucoin be liable to any User on account of that User's use or misuse of and reliance on the Payucoin website. Such limitation of liability shall apply to prevent recovery of direct, indirect, incidental, consequential, special, exemplary, and punitive damages (even if Payucoin has been advised of the possibility of such damages), whether the damages arises from use or misuse of or reliance on the Trade Engine, from inability to use the Trade Engine, or from the interruption, suspension, of the Trade Engine (including such damages incurred by third parties), or from a sudden loss in the price of Bitcoin, or any technical failure or hacking attacks on the Payucoin Servers, or any change in law or regulatory framework in India.
All information is provided on an "as is" basis, with no warranties whatsoever. A possibility exists that the site could include inaccuracies or errors. Additionally, a possibility exist that unauthorized additions, deletions or alterations could be made by third parties to the site. Although Payucoin attempts to ensure the integrity, correctness and authenticity of the site, it makes no guarantees whatsoever as to its completeness, correctness or accuracy. In the event, that such an inaccuracy arises, please inform Payucoin so that it can be corrected.
All express, implied, and statutory warranties, including, without limitation, the warranties of merchantability, fitness for a particular purpose, and non-infringement of proprietary rights, are expressly disclaimed to the fullest extent permitted by law. To the fullest extent permitted by law, Payucoin disclaims any warranties for (i) the security, reliability, timeliness, and performance of the Trade Engine; (ii) other services or goods, as well as for any information or advice received through Payucoin or through any links provided herein.
The User agrees that Payucoin shall not be liable for:
Payucoin cannot and does not guarantee or warrant that the files available for downloading through the Trade Engine or the Trade Engine itself will be free from infection by software viruses or other harmful computer code, files or programs. Payucoin shall not be responsible for any software viruses or other harmful computer code, files or programs that the user may encounter due to your visiting this trade engine.
Payucoin has not reviewed all of the sites linked to its trade engine and is not responsible for the contents of any such linked sites. The inclusion of any link does not imply Payucoin’s endorsement of the site. Use of any such linked website(s) is at your own risk.
If the User has a dispute with one or more users, the User hereby releases Payucoin (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, the User waives any protection available to such User under any law in the User's jurisdiction, which says that a general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
(A). The Users agree not to do any of the following:
(B). The usage of the Payucoin platform by the Users shall not relate to sales of:
(C). The user’s usage of the Payucoin platform shall not relate to transactions that:
No omission or delay on the part of Payucoin in enforcing any of its rights or powers hereunder shall be deemed to constitute a waiver of any of Payucoin 's rights to exercise such rights and powers and, in any event, shall not constitute or be construed as a continuing waiver.
These Terms and Conditions and any action related hereto will be governed by the laws of India without regard to its conflict of laws provisions. The exclusive jurisdiction and venue of any action with respect to the subject matter of these Terms and Conditions will be the courts in New Delhi, India and you hereby waive any objection to jurisdiction and venue in such courts. By clicking on the "I Accept" button or check box presented with these Terms and Conditions you hereby give your informed consent to the terms and conditions contained herein.